Ally Vs. Vio Bank Review: Which Online Bank Is Right for You?
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Ally vs. Vio Bank review: Which online bank is right for you?
Both Ally and Vio Bank have bank accounts with zero monthly service fees. Ally Bank; Vio Bank; Insider
Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
The bottom line: Ally will likely be your top pick if you'd like debit card access to your bank accounts or strong budgeting features on a savings account. Meanwhile, Vio Bank accounts work best for anyone searching for a straightforward interest-earning account.
Vio Bank and Ally are two online banks with strong high-yield accounts.
To help you figure out which is the better fit for you, we've analyzed the details of each of their bank accounts, then selected a winner for each category. We've also compared the financial institutions in trustworthiness, so you can see how a bank deals with customer issues and complaints.
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Vio Bank
Pros and cons of Ally
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Pros and cons of Vio Bank
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Ally vs. Vio Bank savings account comparisons
Below, we've compared high-yield savings accounts offered by each bank.
| Ally High Yield Savings Account | Vio Bank Online High-Yield Savings Account | |
| APY | 1.40% APY | 0.75% APY |
| Minimum opening deposit | None | $100 |
| Monthly service fee | None | None |
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| Caveats |
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| Next steps | Learn More | Learn More |
The Ally High Yield Savings Account is a great choice if you'd like a savings account with strong budgeting features.
Ally has a distinct saving feature called savings buckets. Savings buckets allow you to save for specific savings goals. You can assign labels for a goal — for example, "emergency savings" or "vacation" — and track your progress by setting a goal amount.
In comparison, the Vio Bank Online High-Yield Savings Account is a much more straightforward savings account. Vio doesn't charge monthly service fees, which may be ideal if you're looking to avoid common bank fees. However, it doesn't offer savings buckets or automatic savings tools.
The Ally High Yield Savings Account currently pays a higher interest rate than the Vio Bank Online High-Yield Savings Account. However, keep in mind rates can change, so you may want to pay attention to more than interest rates when choosing an account.
Winner: Ally
The Ally High Yield Savings Account stands out because it has a variety of savings tools. It also pays a higher interest rate than the Vio Bank Online High-Yield Savings Account.
- High APY
- No minimum opening deposit
- No monthly service fees
- Savings buckets help you save for different goals
- Surprise savings transfers help you save extra money from your checking account
- No physical branch locations
- No way to deposit cash
- Create separate savings buckets in a savings account
- Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
- Interest compounded daily, paid monthly
- FDIC insured
Ally vs. Vio Bank CD comparisons
Below we've compared Ally and Vio Bank's regular CDs.
| Ally High Yield Certificate of Deposit | Vio Bank Certificate of Deposit | |
| Terms lengths | 3 months to 5 years | 6 months to 10 years |
| Minimum opening deposit | None | $500 |
| APY | 0.75% to 2.90% APY | 0.10% to 2.50% APY |
| Early withdrawal penalties | 60 to 150 days of interest | 1% of amount withdrawn + $25; 3% of amount withdrawn + $25; OR all interest earned |
| Next steps | Learn More | Learn more |
When it comes to CDs, you'll likely prefer Ally to Vio Bank. Most Ally CDs pay a higher interest rate than Vio Bank CDs. Ally also has Raise Your Rate CDs and no-penalty CDs. Raise Your Rate CDs increase your rate over time, while a no-penalty CD lets you withdraw money early without a penalty.
If you're set on getting a CD that's over five years, Vio Bank may still be worth considering. Vio Bank CDs range from 6 months to 10 years, so it has more long-term CDs than most banks tend to offer.
Winner: Ally
Both banks have solid CDs, but Ally edges out Vio Bank because it has more CD options and it doesn't require a minimum opening deposit.
- Competitive APY
- No required opening deposit
- Low early withdrawal penalties
- No terms over 5 years
- No physical branch locations
- Terms ranging from 3 months to 5 years
- Early withdrawal penalty of 60 days interest penalty term of 24 months or less; 90 days interest for term of 25 to 36 months; 120 days interest for terms of 37 to 48 months; 150 days interest for terms of 49 months or more
- Interest compounded daily, paid monthly
- FDIC insured
Ally vs. Vio Bank money market account comparisons
See how the Ally Money Market Account stacks up to the Vio Bank Cornerstone Money Market Savings Account.
| Ally Money Market Account | Vio Bank Cornerstone Money Market Savings Account | |
| APY | 1.40% APY | 1.85% APY |
| Minimum opening deposit | None | $100 |
| Monthly service fees | None | None |
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| Caveats |
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| Next steps | Learn More | Learn more |
Both the Ally Money Market Account and Vio Bank Cornerstone Money Market Savings Account are great options because they have low minimum opening deposit and no monthly services fees.
While both money market accounts are similar at their core, minor differences can help distinguish which account may be more suitable for you.
The Vio Bank Cornerstone Money Market Savings Account pays a competitive interest rate that's higher than what many traditional and online money market accounts offer right now.
The Ally Money Market Account pays a lower interest rate than the Vio Bank Cornerstone Money Market Savings Account, but you'll be able to access your account through a debit card and paper checks.
Winner: Tie
Deciding between the Ally Money Market Account and Vio Bank Cornerstone Money Market Savings Account will likely be contingent on your goals. If you're strictly searching for a high interest rate, the Vio Bank could be a better fit, but if you'd like easy access to your savings, then Ally may be more appealing.
- No opening deposit or minimum account balance
- No monthly service fee
- Access to a debit card
- Access to paper checks
- Out-of-network ATM reimbursements of up to $10 per month
- 24/7 customer service
- Easy-to-use mobile app
- Link to other Ally bank accounts
- Not the highest money market account APY
- No physical branch locations
- $10 excess transaction fee (paused during COVID-19)
- Access to checks and a debit card
- Interest compounded daily, paid monthly
- FDIC insured
- High interest rate
- $100 minimum opening deposit
- No monthly fee if you sign up for online statements
- $5 monthly fee if you receive paper statements
- No physical branch locations
- No checks
- No debit card
- No monthly service fee, but you'll pay a $5 monthly fee if you get paper bank statements
- Interest compounded daily, paid monthly
- FDIC insured
Ally vs. Vio Bank checking account comparisons
Vio Bank doesn't offer a checking account. If you'd like to open one, then you'll have to turn to Ally.
Ally has an interest-earning checking account that doesn't charge monthly service fees, overdraft fees, or out-of-network ATM fees. The online bank also reimburses up to $10 in out-of-network ATM fees.
Winner: Ally
Vio Bank doesn't have a checking account, so Ally is our default winner for this category. The interest-earning checking account is a solid free checking account. It also stands out because you may open an account with $0.
- Competitive APY
- No initial deposit
- No minimum account balance
- No monthly service charge
- Connect your account with Zelle
- Easy-to-use mobile app
- Reimburses up to $10/month in out-of-network ATM fees
- Online bill pay
- 24/7 customer service
- No overdraft fees
- Overdraft protection
- No physical branch locations
- No way to deposit cash
- You can deposit checks right from your smartphone
- Ally reimburse's up to $10 per statement cycle for fees charged at other ATMs nationwide
- Transfer money with your voice through Ally Skill™ for Amazon Alexa
- Interest compounded daily, paid monthly
- FDIC insured
Which bank is more trustworthy?
We use ratings from the Better Business Bureau so you can see how a bank deals with customer issues.
Ally received a C- rating from the BBB because it has a high volume of customers complaints and two unresolved complaints. Vio Bank is a division of MidFirst Bank. The Better Business Bureau has given MidFirst Bank an A+ rating.
A good BBB rating isn't necessarily the be-all and end-all. Talk to current customers or read online customer reviews to see if a financial institution might be a good fit.
Neither Ally nor Vio has any public scandals.
Winner: Vio Bank
Vio wins in this category because it has a stronger BBB rating and hasn't been involved in a public scandal. That said, you can still consider Ally a trustworthy option.
Frequently asked questions
Is Vio Bank or Ally better?
It depends on which accounts you'd like to open.
Both banks have strong high-yield savings accounts with zero monthly service fees. If you're interested in having robust savings tools to help you achieve financial goals, you might prefer the Ally High Yield Savings Account. The Vio Bank Online High-Yield Savings Account is a straightforward high-yield savings account that doesn't have budgeting tools to help you save.
If you're keeping an eye on competitive interest rates but still want access to your funds, the Vio Bank Cornerstone Money Market Savings Account may be an ideal option. The money market account earns 1.85% APY. However, Vio Bank doesn't offer a debit card or paper checks, so you'll need to link an external bank account to withdraw or deposit money into any of Vio Bank's accounts.
Ally CDs pay higher rates than most Vio Bank CDs, though. You may lean more toward Ally if you'd like to open a CD. Ally also has no-penalty CDs and Raise Your Rate CDs.
Ally will also be your go-to option for opening a checking account because Vio Bank doesn't offer one.
Which bank, Vio Bank or Ally, has the highest interest rate?
As of August 2022, Ally pays a higher interest rate on high-yield savings account and most CDs, while Vio Bank has higher interest rate on its money market account.
Keep in mind interest rates fluctuate, and savings rates are expected to increase throughout 2022.
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